By Grateful Ogunjebe
A rare off-market transaction involving 10.43 billion shares of First Bank Holdings Plc (First HoldCo) has sparked fresh interest on the Nigerian Exchange (NGX), as billionaire investor and Chairman of the group, Femi Otedola, tightened his grip on the institution in what market analysts are describing as a major boardroom shift.
The bulk deal, executed on Tuesday, July 16, was valued at N323.33 billion (approximately $211.7 million), with the shares exchanged at N31 per unit across 17 negotiated transactions. The trade, which represents around 25 per cent of First HoldCo’s issued share capital, is among the largest single-day block trades recorded on the NGX in recent years.
Following the transaction, the company’s share price climbed to N32.2 per unit, boosting its market capitalisation to about N1.35 trillion. The size and nature of the deal have led to speculation that control of Nigeria’s oldest bank may now be firmly in Otedola’s hands.
Capital market insiders confirmed that the deal was carried out through negotiated block trades, bypassing regular open-market activity. While there has been no formal regulatory disclosure identifying the sellers, sources close to the matter believe it marks the final exit of Oba Otudeko and possibly Olukayode Odukale, both of whom were once influential shareholders and key figures in past leadership disputes within the bank.
“This is one of the largest off-market trades in NGX history,” a senior Lagos-based capital market operator told NewsDirect. “It reflects a significant realignment of power at First HoldCo.”
At the group’s 2025 Annual General Meeting, Otedola had made known his intention to increase his equity using only personal funds. “This is not a gamble,” he told shareholders. “It is a deliberate commitment to rebuild First Bank into a strong, modern and well-governed institution.”
He confirmed the investment, estimated at N320 billion, would not be financed through borrowing.
Market analysts have responded positively to Otedola’s increasing influence, viewing it as a potential catalyst for improved governance and stability at the bank, which had previously come under the scrutiny of the Central Bank of Nigeria following boardroom crises.
“By investing his own capital without leverage, Otedola is making a long-term bet on First HoldCo,” another analyst noted.
Meanwhile, Otedola has announced plans to publish his autobiography later this month. The book is expected to explore his entrepreneurial journey, including his recent role in First Bank, along with personal insights, milestones and reflections gathered over decades in business.
“There have been setbacks, breakthroughs, and moments of reflection. I’ll be sharing those experiences in my own words, hoping to inspire the next generation of entrepreneurs,” he said.
Although First HoldCo has yet to issue an official market statement confirming any changes in shareholder structure, brokers and market participants expect formal filings in the coming days. Industry observers say this deal may mark the beginning of more high-value, strategic transactions across Nigeria’s tier-one banking sector.
The development also arrives at a time when the NGX All Share Index is up 32 per cent year-to-date, with banking stocks leading the performance. Analysts suggest that Otedola’s move underscores the growing role of long-term, self-funded strategic investments in reshaping Nigeria’s financial sector.
The Securities and Exchange Commission (SEC) is likely to review the transaction, given its magnitude and potential implications for ownership consolidation and corporate governance within the capital market.